Banks Lose Ksh1.2B as Kenyans Embrace New Platform
20 January 2021 - 4:28 pm
Central Bank of Kenya Governor Patrick Njoroge during a press conference in Nairobi on May 28, 2020.
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The Kenyan banking industry lost over Ksh1.2 billion of potential card payment revenue in 9 months (March-November 2020) to mobile money platforms, according to a press release from the Central Bank of Kenya (CBK).
The report draft titled Mobile money transactions volumes and values have shown the largest growth since the inception of this payment instrument, Initially emerging as a means of sending money between individuals, merchant payments were later enabled in 2013. Since then, the total volume and value of payments have increased rapidly, reads an excerpt from the report.
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Central Bank of Kenya releases plan to implement Open Banking Wednesday 13 January 2021 13:09 CET | News
The Central Bank of Kenya (CBK) has released a draft document outlining a five-year digitalisation plan to modernise the country’s domestic payment landscape, according to fintechnews.ae.
The document, titled Kenya National Payments System Vision and Strategy 2021 – 2025 and released in December 2020, stresses the regulator’s commitment to establishing a regulatory landscape that’s conducive to innovation, as well as embracing Open Banking and APIs, among other key areas of focus. In the document, the CBK says it will work to define standards for API development and mandate data portability with hopes that more options and innovative solutions will be made available for Kenya-based users to choose from.